BUDAPEST--Croatia may seek alternative ways to finance the
purchase of Hungarian oil and gas company MOL Nyrt.'s (MOL.BU)
stake in Croatian subsidiary INA d.d. (INA.ZG), the Hungarian news
agency reported Monday citing Croatian newswire HINA.
The Croatian government spokesman wasn't immediately available
to comment.
The Croatian government intends to consider exercising its
pre-emption rights for MOL's stake, HINA quoted Croatian Economy
Minister Ivan Vrdoljak as saying on Monday.
His comments contradict those of Croatian Prime Minister Zoran
Milanovic at the weekend who said that a state purchase of the
shares would be "business adventurism" given the country's lack of
financial resources. Mr. Vrdoljak said the state may be able to
afford the purchase.
"We'll do everything in our power; talk, seek a model that would
enable us to buy those shares. If we manage to do so, great; if
not, we'll say thanks but we're not in a position to buy them right
now," HINA quoted Mr. Vrdoljak as saying.
MOL said in a stock exchange filing that its board has given the
green light for preparations to sell its 49.1%, managing stake in
INA. The announcement followed talks about INA in the Croatian
capital Zagreb Friday, with negotiators from the Croatian
government.
Croatia holds 44.84% of INA shares.
MOL, in which the Hungarian government is the single largest
shareholder with a 24.6% stake, is in talks with Croatia about INA
amid an intensifying diplomatic spat after a Croatian court issued
an arrest warrant for MOL Chief Executive Zsolt Hernadi, related to
a bribery case in which former Croatian Prime Minister Ivo Sanader
was convicted.
MOL closed Monday's trading down 2.9% on the news that the
management is preparing for the option to sell its INA stake, at
HUF14,270.
Write to Veronika Gulyas at veronika.gulyas@wsj.com